Australia’s largest financial institution, the Commonwealth Bank, has today announced that current Chief Financial Officer (CFO) David Craig will step down from his role to be replaced by current Group Executive for International Financial Services, Rob Jesudason.
Craig will retire at the end of the financial year after over ten years at the bank, with Chief Executive Officer, Ian Narev, praising his contribution to the company describing him as a “linchpin” of the executive team.
“He has made a lasting contribution to CBA, particularly through his leadership of the finance and treasury functions during the global financial crisis and subsequent regulatory change, and his ongoing stewardship of CBA’s long term investments in technology and productivity,” Narev said.
“We will miss him greatly, and wish him the very best as he moves into a non-executive career.”
Jesudason, who has spent the last five years with the Commonwealth Bank, will commence his role as new CFO from July 1 this year, following terms as Group Executive for Group Strategic Development and in his current role in International Financial Services.
Rob Jesudason’s career so far
- He graduated in 1994 from Aston University (Birmingham, United Kingdom) with a Bachelor of Science, Business Administration and Management.
- Started his career as an associate with GE Capital, staying with the company until 1998.
- Worked for a number of major global firms including McKinsey & Company, Barclays, J.P. Morgan and Credit Suisse.
- Joined the Commonwealth Bank in 2011, acting as a Non-Executive Director for subsidiary ASB (Auckland Savings Bank) in addition to his role in Group Strategic Development for the CBA.
- Took on his current role as Group Executive for International Financial Services with the Commonwealth Bank in November 2014.
Narev welcomed Jesudason to the new role praising his “extensive experience” in the financial services industry and his, “strong contribution over more than five years at CBA.”
“He has worked in and alongside financial institutions across the world, and has an acute sense of the rapidly moving economic, regulatory and competitive landscape,” said Narev.
This will not be the first time Narev and Jesudason have worked closely together, with the pair involved in the Commonwealth Bank’s 2008 acquisition of Bankwest when Jesudason was a Managing Director at Credit Suisse.